Cyprus & World News

Eurogroup to evaluate Cyprus privatization road map

09 December, 2013

Eurozone Ministers of Finance convene today in Brussels. The Eurogroup is expected to discuss about Cyprus’ privatization road map, which is a precondition for the next tranche of Cyprus’ assistance program. Cyprus is represented by Minister of Finance Harris Georgiades.

The Republic of Cyprus signed a financial adjustment programme with the Troika last March.

The Euro area Finance Ministers are expected to evaluate Cyprus’ privatization program, which is a precondition for the disbursement of the third tranche amounting to €186 million.

Out of the €186 million, the European Stability Mechanism will grant €100 million and the IMF €86. So far Cyprus received 4.7 billion from the €10 billion financial assistance programme.

The plan aims at securing €1.4 billion to reduce the island`s public debt estimated to peak at 126% in 2015.